Sunday, May 19, 2013

SaxFx Review

Today we will take a quick look or rather give a big warning about a broker The Last Bear did not know about until we came across countless spammers in forex forums who mentioned this forex broker. There are plenty of terrible outlets for forex traders to misplace their trust, capital and time. SaxFx is one of those horrific outlets and this is a very clear warning.

Stay away from SaxFx!

We do not label them a bucket shop and the sole reason preventing us from that is the fact that they are registered in New Zealand and publish that on their website which is awful in design and far from professional.  SaxFx is owned by a company called BPY Group Limited and that is the one which is registered with the financial regulator there. That does not ensure security, but was enough for us to stop one step shy of screaming bucket shop.

They claim they offer zero spread trading which suggests that they are an ECN broker which we could not verify. They charge $0.18 in commission per micro lot traded and their minimum deposit is $250 wit max leverage of 1:600. Nothing here for traders to excited over. They only offer the MetaTrader 4 platform without any add-ons which makes the assumption that they are an ECN broker or offer zero spreads suspicious.

The information they provide about them is very scarce and the presentation reminds you of pre-school. Overall they did a terrible job creating an online presence and nothing makes you want to even bother opening an account with them. At first sight it appears that the sole purpose of this forex broker is data mining and nothing else. The lack of time and effort put into their online presence can only lead to speculation how they value the poor forex traders who actually give them a try.

The worst thing they have done so far that The Last Bear has discovered is paying for forum posts which lead to flooding of various forums with spam comments about SaxFx. A serious and reputable broker does not engage into this form of marketing. Forum flooding with spam comments made by newly registered users who only post a run-on sentence in a forum with the sole purpose of mentioning this lousy forex broker shows the lack of integrity on the side of the broker which is the main reason to stay away from them.

Their paid forum posters get banned the same day and posts removed only to find more of them registered under different names with the same tactic. Pathetic!

Conclusion

Stay away from this forex broker based on all the above; SaxFx is as bad as you can get and their lack of integrity is reason enough to tell forex traders to never bother with them. Two claws down plus everything else we can do show that this broker is a terrible outlet. Check out PaxForex or FXVV if you are looking for a serious forex broker.

2 comments:

Hi' this broker is SCAM broker . I deposit and make profit but they don't pay any cash out .they didn't reply my emails.
they Cheat traders with 200% bonus .

Thanks for your input and warning. Could you provide some more details please?

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